Gov't Consults On Economic Crime Levy For AML Fight
Law360, London (July 21, 2020, 4:01 PM BST) -- The government published proposals on Tuesday showing how it plans to generate £100 million ($126 million) annually through a levy on banks, law firms and other businesses to fund Britain's fight against the flow of dirty cash.
HM Treasury has announced a consultation with industry to discuss details of the economic crime levy that it plans to charge businesses that have to comply with money laundering regulations. Chancellor of the Exchequer Rishi Sunak unveiled the proposal in March in the government's Budget statement.
The Treasury said it plans to raise approximately £100 million a year from regulated companies — which also include...
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